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Press Release 07/16/2007

    

         

 

 

Press Release for Professional Remodeler

Settling Debts Can Help Midwest Remodelers Pull Through

By Steve Newman, Guest Columnist  

HIGHLAND PARK , Ill. (July 16, 2007)--As weakness in the Midwest�s remodeling market continues to pressure remodeling firms, a business-debt expert is trying to inform these companies about a little-known alternative to bankruptcy and other drastic financial measures: business-debt settlement.  

Steve Newman, Principal of Performance Source Inc (PSI) in suburban Chicago , says, �An NAHB survey released earlier this year showed that the Midwest was the only U.S. region where remodelers reported declines in both current (2006) business conditions and their expectations of future conditions.  Yet most GCs and subs in the remodeling business are not aware of the opportunity to improve their cash flow and strengthen their balance sheets by settling their past-due debts�that is, by negotiating with creditors to lower the amounts that they owe.�  

Also known as payables management, it�s the professional specialty of firms such as PSI, which Newman describes as �an advocate for small-to-midsize companies, including remodeling GCs and subs, who want to pay their debts but are unable.  We negotiate with these companies� creditors to lower their unpaid balances.�   

Done right, commercial-debt settlement can be a risk-free solution for the client (company in debt), Newman asserts.  The client first decides which payables will be negotiated, then approves (or declines) each debt settlement proposed by the negotiator, based on his discussions with each creditor.  The client owes the negotiator nothing if a settlement is not reached with the creditor.  If it is accepted, the negotiator�s fee is a flat percentage of the of the debt savings achieved.  

Newman explains that this method has enabled PSI to help thousands of clients since 1963 to reduce their debts by as much as 70%.  Besides this financial benefit, PSI helps clients focus on rebuilding their revenues by handling all contact with their creditors.  

Smaller players in remodeling are especially at risk for debt problems, Newman notes.  Being more thinly capitalized, they can be hurt faster by a prolonged construction delay, a materials-cost increase, and/or other factors, even on just one of their projects.  For this reason, he advises business owners to learn more about commercial-debt settlement before their financial situation becomes urgent.


Steve Newman is Principal of Performance Source Inc (PSI).  Since 1963, PSI has helped thousands of clients save millions of dollars and satisfy their creditors without borrowing money.  Under the company�s risk-free process, clients decide which payables they want PSI to negotiate, they approve (or decline) all proposed settlements in advance, and owe PSI nothing if a settlement is not reached or not accepted.  And because PSI also handles all contact with clients� creditors, clients are able to focus on growing their businesses.  Steve can be reached at 800/883-5080, or snewman@psi1963.com.  The company�s web site is www.performancesourceinc.com.